Poxel, Roivant partner for T2D in U.S., EU

Poxel S.A. (Euronext:POXEL) granted Roivant Sciences GmbH (Basel, Switzerland) rights to late-stage Type II diabetes candidate imeglimin (PXL008). Poxel will receive an upfront payment of $35 million and is eligible for up to $600 million in development, regulatory and sales-based milestones, plus double-digit royalties. Concurrently, Roivant will invest €12.2 million ($14.9 million) in Poxel through the purchase of 1.4 million new shares at €8.50. The price is a 37% premium to Poxel's close of €6.22 before the deal was announced.

Poxel will contribute $25 million to imeglimin's development program, and Roivant will be responsible for development and commercialization. The companies may add co-promotion rights...